Multifamily news in Affordable Housing - Detroit
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Michigan Awards LIHTC for 536 Affordable Units
The state selected five projects in Detroit for the federal tax credits, which will support the construction of 235 new units and preserve the affordability of 318 existing units.
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Detroit Adds 54 Units for Low-Income Seniors
The development is part of Bedrock’s agreement with the City of Detroit to build and preserve 700 affordable housing units over the next several years.
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Detroit Community Reopens Following $12M Renovation
The Hamilton Midtown, a 105-year-old historic building previously known as Milner Arms, underwent an extended renovation that lasted more than a year.
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Mixed-Income Development Receives City Council Approval in Detroit
Bedrock Detroit and Woodborn Partners will develop a 900-unit residential neighborhood on the former Frederick Douglass public housing site, one of the largest vacant properties in the city.
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Detroit to Welcome $102M Brush Park Developments
Brush House, Brush 8 and Brush + Watson will bring 367 new units to to the city's historic neighborhood. About one third of the units will be affordable.
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Woda Cooper Opens Partially Affordable Michigan Community
Portland School Apartments is an adaptive-reuse project that consists of 29 new units available for seniors and lower-income working families in Portland, Mich..
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Adaptive Reuse Sparks Opportunity in Detroit
Developers and investors showed attendees at the 2018 ULI Spring Meeting how they are converting vacant or obsolete properties into new uses to spur further investment in the city.
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Hunt Mortgage Provides Refi for 2 MI Affordable Properties
The $9.5 million investment in Joseph's Run Apartments in Midland and Roxbury Court Apartments in Clio will be used to refinance both properties.
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Greystone Enters Michigan Market with New JV
The new joint venture with Commercial Property Advisors will focus on providing multifamily advisory services for clients in Michigan. Cary Belovicz will lead the new organization as an executive managing director.
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Affordable Housing Portfolio Secures $142M in Financing
Harmony Housing tapped KeyBank Real Estate Capital to provide loans to six of its properties, located in Texas, Michigan, Wisconsin and Florida. Each property reserves half of the units for residents making 60 percent of the area median income.
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Greystone Provides $79M FHA Loan for Michigan Portfolio
The portfolio includes both market-rate and affordable housing communities that will be renovated using the funds. Most of the properties are owned by the Altman Cos.
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Midtown Detroit Gets New Mixed-Income Community
Nonprofits Develop Detroit and Preservation of Affordable Housing partnered for the $32 million development that will also include retail space. Project design will be led by Phil Freelon, design director at Perkins+Will.
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City of Detroit Invests $1.6M in Revitalization of Four Neighborhoods
The planning and design contracts refer to housing, reimagining open land, leveraging economic development and more.
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218 Micro-Lofts Coming to Downtown Detroit
The 28 Grand mixed-use development is scheduled for completion in the summer of 2017.
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Develop Detroit Launches First Communities
The non-profit development firm has acquired two multifamily buildings in Detroit’s New Center area, which it plans to renovate and expand.